Earnings release
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INTREPID Intrepid Announces Second Quarter 2026 Results Denver , CO , August 4 , 2026 - Intrepid Potash , Inc. ( " Intrepid " , " the Company " , " we " , " us " , or " our " ) ( NYSE : IPI ) today reported its results for the second quarter of 2026 . Second Quarter Highlights & Management Commentary Supportive pricing , stable Trio Ⓡ sales volumes , and continued improvement in Trio ® margins drove improved profitability in the second quarter of 2026 , highlighted by : • • Expanded gross margin by 35 % compared with the prior - year quarter despite slightly lower sales from continuing operations . Increased full - year 2026 production g uidance for potash to 290-300 thousand tons and Trio to 295-305 thousand tons . • Lowest Trio® COGS per ton since Q4 2019 . • • • • • Increased net income to $ 15.6 million including $ 13.2 million gain on sale of Intrepid South , compared with $ 3.3 million in the second quarter of 2025 . Reported net income from continuing operations of $ 2.4 million , up from $ 1.4 million in the prior year quarter . Delivered Adjusted EBITDA ( ¹ ) from continuing operations of $ 17.5 million , up from $ 13.8 million in the second quarter of 2025 . Completed the sale of Intrepid South for $ 68.9 million , including $ 62.0 million of cash proceeds received during the second quarter of 2026 . Lowered full - year 2026 capital expenditure guidance to approximately $ 40 million . Expanded the Company's share repurchase authorization to $ 50 million . 66 Kevin Crutchfield , Intrepid's Chief Executive Officer , commented : We delivered improved profitability in the second quarter , reflecting supportive markets , disciplined execution , and continued progress across our core fertilizer portfolio . Trio® performed particularly well , with higher production , improved unit costs , and stronger margins as demand for chloride - free , sulfate - containing nutrients continued to benefit from supportive market conditions . In potash , higher production and improved pricing helped offset lower sales volumes . For both Trio Ⓡ and potash , we are raising our full - year production outlook based on the operating progress achieved to date . We remain focused on the areas within our control - operating safely , improving reliability and efficiency , and delivering value from our core assets . With a strong balance sheet , increased production guidance for both potash and Trio® , lo wer expected capital expenditures , and an expanded share repurchase authorization , we believe Intrepid is well positioned to build on our momentum through the remainder of 2026 . " 1
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Key Financial Metrics Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions unless otherwise stated) Sales from continuing operations $ 66.7 $ 67.5 $ 165.4 $ 162.1 Gross margin $ 16.6 $ 12.4 $ 34.3 $ 25.7 Net income from continuing operations $ 2.4 $ 1.4 $ 9.3 $ 4.8 Net income from continuing operations per diluted share $ 0.18 $ 0.10 $ 0.70 $ 0.37 Adjusted net income from continuing operations $ 7.4 $ 4.1 $ 15.6 $ 8.0 Adjusted net income from continuing operations per diluted share $ 0.56 $ 0.30 $ 1.18 $ 0.61 Adjusted EBITDA $ 17.5 $ 13.8 $ 36.5 $ 28.4 Cash flow from continuing operations $ 34.0 $ 36.1 $ 55.3 $ 42.9 Second quarter 2026 sales from continuing operations were generally consistent with the prior year quarter, as higher average realized prices for potash an d Trio and improved Trio production were offset by lower potash sales volumes. Gross margin increased to $16.6 million in the second quarter of 2026 from $12.4 million in the same prior year period, driven primarily by improved Trio segment margins, supportive realized pricing, and lower average Trio COGS per ton. Adjusted n et income from continuing operations increased to $7.4 million , or $0.56 per diluted share i n the second quarter of 2026, compared with $4.1 million , or $0.30 per diluted share, in the second quarter of 2025, while Adjusted EBITDA increased to $17.5 million i n the second quarter of 2026 from $13.8 million in the same prior year period . Including discontinued operations, net income was $15.6 million , or $1.17 per diluted share, in the second quarter of 2026, compared with $3.3 million , or $0.25 per diluted share, in the same prior year period. Net income from discontinued operations was $13.2 million in the second quarter of 2026, primarily reflecting the completed sale of Intrepid South. We received two payments totaling $70.0 million related to the sale of Intrepid South, with an $8.0 million deposit received in December 2025, and a $62.0 million payment received on April 1, 2026, the closing date of the transaction. The final sales price after customary adjustments was $68.9 million and we recorded a gain, net of taxes, of $13.2 million during the second quarter of 2026. For the six months ended June 30, 2026, sales from continuing operations increased to $165.4 million from $162.1 million in the same prior year period , while gross margin increased to $34.3 million from $25.7 million in the same prior year period . The year-to-date improvement reflects higher average realized sales prices, stronger Trio margins, improved production performance, and lower cost of goods sold relative to the prior year period. Net income from continuing operations was $9.3 million , or $0.70 per diluted share in the first half of 2026, compared with $4.8 million , or $0.37 per diluted share, in the first six months of 2025. Adjusted EBITDA increased to $36.5 million in the first half of 2026 from $28.4 million in the same prior year period . Including discontinued operations, net income was $23.0 million , or $1.73 per (1) (1) (1) ® ® ® ® ® (1) 2
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diluted share in the first half of 2026, including $13.7 million of net income from discontinued operations, compared with net income of $7.9 million , or $0.60 per diluted share, in the same prior year period. Cash flow from continuing operations was $34.0 million in the second quarter of 2026, compared with $36.1 million in the same prior year period. The year-over-year decrease was primarily due to less favorable working capital movements compared with the prior year quarter, partially offset by higher earnings from continuing operations. For the six months ended June 30, 2026, cash flow from continuing operations increased to $55.3 million from $42.9 million in the same prior year period , reflecting improved profitability and continued working capital discipline. Segment Highlights Potash Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except per ton data) Sales $ 30,602 $ 33,994 $ 76,721 $ 77,571 Gross margin $ 4,918 $ 4,858 $ 7,985 $ 7,361 Potash sales volumes (in tons) 59 69 165 172 Potash production volumes (in tons) 52 44 157 137 Average potash net realized sales price per ton $ 391 $ 361 $ 365 $ 332 In the second quarter of 2026, potash segment sales decreased $3.4 million compared to the same prior year period. The decrease was primarily driven by a 14% decline in sales volumes to 59 thousand tons, partially offset by an 8% increase in our average net realized sales price per ton to $391 . Sales volumes were lower compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter. Potash production was 52 thousand tons in the second quarter of 2026, an increase of 8 thousand tons compared to the same prior year period, as we benefited from efficiency improvements across all of our mines. The benefit of higher production was partially offset by a production mix weighted more heavily toward our higher-cost sites, which increased our average potash segment cost of goods sold ("COGS") per ton to $359 in the second quarter of 2026, compared with $337 per ton in the second quarter of 2025 and $334 per ton in the first quarter of 2026. (1) (1) 3
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Potash segment gross margin increased by $0.1 million in the second quarter of 2026 compared to the same prior year period, as higher average net realized sales prices were largely offset by lower sales volumes and higher average COGS per ton. Trio Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except per ton data) Sales $ 35,723 $ 33,212 $ 88,261 $ 83,054 Gross margin $ 11,443 $ 8,086 $ 26,281 $ 18,520 Trio sales volume (in tons) 70 70 176 181 Trio production volume (in tons) 75 70 144 132 Average Trio net realized sales price per ton $ 389 $ 368 $ 388 $ 352 In the second quarter of 2026, Trio segment sales increas ed $2.5 million, or 8% compared to the same prior year period. The increase was largely driven by a 6% increase in our average net realized sales price per ton to $389, reflecting continued supportive pricing for Trio 's individual nutrient components, particularly sulfate and potassium. Sales volumes were flat compared to the same prior year period at 70 thousand tons. Trio production of 75 thousand tons in the second quarter of 2026 was 7% higher than the second quarter last year, showing the benefit of the new continuous miner commissioned earlier this year and ongoing plant optimization projects. Our Trio segment COGS per ton totaled $205 in the second quarter of 2026, which compares to $235 per ton in the second quarter of 2025, and $229 per ton in the first quarter of 2026. Our Trio segment generated gross margin of $11.4 million in the second quarter of 2026, which compares to $8.1 million in the same prior year period, with the increase primarily attributable to the higher average net realized sales price per ton, as well as an improvement in our Trio segment COGS per ton. Operating Updates, Guidance and Capital Allocation Potash Segment Production Outlook • We are increasing our full-year 2026 potash production guidance to a range of 290 thousand to 300 thousand tons, reflecting improved recoveries from focused mill efficiency initiatives and improved brine grade a nd evaporation which extended the harvest season ahead of our summer shutdown. ® ® ® ® (1) ® (1) ® ® ® ® ® 4
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Increased Production at East Underground Mine • In early 2026, we commissioned a new continuous miner at our East Mine, which has improved operating efficiency and increased Trio production. We also increased operating hours per shift and continue to advance mill improvements that support higher production of granular and premium products. For 2026, we are increasing our Trio full-year production guidance to a range of 295 thousand to 305 thousand tons. Wendover Lithium Project • Our partners continue to advance engineering and related permitting activities for the Wendover lithium project. We expect to provide additional detail as those efforts progress later this year. Pecos Water Rights Matter • We recorded a $5.0 million loss contingency during the second quarter of 2026 related to anticipated water repayment and associated obligations. Additional costs may be incurred as the matter is resolved. Capital Expenditures • Capital expenditures totaled $8.5 million in the second quarter of 2026. We now expect 2026 capital expenditures of approximately $40 million. The lowered guidance is a result of the removal of AMAX spend and reduction in costs for Primary Pond 8 at Wendover. Liquidity and Capital Allocation • As of June 30, 2026, cash and cash equivalents totaled $185.0 million , including $62.0 million of cash proceeds received during the quarter upon completion of the sale of Intrepid South. We had no borrowings and $0.2 million in outstanding letters of credit under our revolving credit facility, leaving $149.8 million available under our $150 million facility, which matures in March 2031. • In June 2026, Intrepid’ s Board approved an expansion of the Company’ s share repurchase authorization to $50 million. We expect to evaluate share repurchases opportunistically as part of our disciplined capital allocation framework, while maintaining the flexibility to fund high-return operating and efficiency projects and preserve balance sheet strength. ® ® 5
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Guidance Summary Current Guidance Prior Guidance 2026 Full year potash production 290-300 thousand tons 270-285 thousand tons 2026 Full year Trio® production 295-305 thousand tons 285-300 thousand tons 2026 Full year capital expenditures Approximately $40 million $40-$50 million Q3 2026 Potash sales volume 55-65 thousand tons Q3 2026 Potash average net realized sales price $380-$390 per ton Q3 2026 Trio® sales volume 30-40 thousand tons Q3 2026 Trio® average net realized sales price $400-$410 per ton Notes Adjusted net income from continuing operations, adjusted net income from continuing operations per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and aver age net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information. Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds. Conference Call Information Intrepid will host a conference call on Wednesday, August 5, 2026 at 12:00 p.m. Eastern Time to discuss the results and other operating and finan cial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (833) 461-5787 or International dial-in number 1 (585) 542-9983; please use meeting ID 800547056. T he call will also be streamed on the Intrepid website, intrepidpotash.com . A recording of the conference call will be available approximately two hours after the completion of the call via webcast. The recording will be available for 12 months following the call. About Intrepid Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal (1) (1) 1 6
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feed. In addition, Intrepid produces a specialty fertilizer, Trio , which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’ s mineral production comes from three solar solution potash facilities and one conventional underground Trio mine. Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com , to receive automatic email alerts for new postings. Forward-looking Statements This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance and cash flows, water sales, production costs, and its market outlook. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following: • c hanges in the price, demand, or supply of our products and services; • challenges and legal proceedings related to our water rights; • our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio , byproducts, and other non-potassium related products or other revenue diversification activities; • the costs of, and our ability to successfully execute, any strategic projects; • declines or changes in agricultural production or fertilizer application rates; • declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; • our ability to prevail in outstanding legal proceedings; • our ability to comply with the terms of our revolving credit facility, including any underlying covenants; • write-downs of the carrying value of assets, including inventories; • circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; • changes in reserve estimates; • currency fluctuations; • adverse changes in economic conditions or credit markets; ® ® ® 7
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• the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; • the impact of trade tariffs and any potential changes to them we are unable to mitigate; • adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines; • increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; • changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel; • changes in the prices of raw materials, including chemicals, natural gas, and power; • our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; • interruptions in rail or truck transportation services, or fluctuations in the costs of these services; • our ability to fund necessary capital investments; • the impact of global conflicts including the conflict involving Iran and the blockage of the Strait of Hormuz; • the timing, amount and impact of any repurchases under our stock repurchase program; • the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and • the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q. In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events. Contact: Ryan Schultz Interim Investor Relations Manager Email: ryan.schultz@intrepidpotash.com 8
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Sales $ 66,685 $ 67,536 $ 165,370 $ 162,063 Less: Freight costs 11,050 11,011 27,780 28,502 Warehousing and handling costs 3,046 3,114 6,890 6,604 Cost of goods sold 35,670 40,631 95,287 99,521 Lower of cost or net realizable value inventory adjustments 270 419 1,092 1,754 Gross Margin 16,649 12,361 34,321 25,682 Selling and administrative 10,022 8,925 21,295 18,080 Accretion of asset retirement obligation 777 650 1,553 1,299 Impairment of long-lived assets — 1,204 — 1,866 Gain on sale of assets (6) (1,262) (34) (1,422) Other operating income (1,129) (1,222) (2,289) (2,505) Other operating expense 5,922 2,654 6,508 3,250 Operating Income 1,063 1,412 7,288 5,114 Other Income (Expense) Equity in loss of unconsolidated entities (11) (232) (11) (232) Interest expense, net — (66) — (171) Interest income 1,327 651 1,994 1,026 Other income (expense) 73 (354) 121 (820) Income from Continuing Operations Before Income Taxes 2,452 1,411 9,392 4,917 Income tax expense 57 35 116 113 Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804 Net Income from Discontinued Operations, Net of Tax 13,182 1,887 13,719 3,065 Net Income $ 15,577 $ 3,263 $ 22,995 $ 7,869 Net income per share: Continuing operations - Basic $ 0.18 $ 0.10 $ 0.70 $ 0.37 Discontinued operations - Basic $ 1.00 $ 0.15 $ 1.04 $ 0.24 Net income - Basic $ 1.18 $ 0.25 $ 1.74 $ 0.61 Continuing operations - Diluted $ 0.18 $ 0.10 $ 0.70 $ 0.37 Discontinued operations - Diluted $ 0.99 $ 0.15 $ 1.03 $ 0.23 Net income - Diluted $ 1.17 $ 0.25 $ 1.73 $ 0.60 Weighted Average Shares Outstanding: Basic 13,195 12,985 13,168 12,951 Diluted 13,272 13,174 13,280 13,131 9
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF JUNE 30, 2026 AND DECEMBER 31, 2025 (In thousands, except share and per share amounts) June 30, December 31, 2026 2025 ASSETS Cash and cash equivalents $ 184,994 $ 83,537 Accounts receivable: Trade, net 18,976 31,979 Other receivables, net 86 159 Inventory, net 104,881 112,191 Prepaid expenses and other current assets 4,158 5,312 Assets held for sale — 59,154 Total current assets 313,095 292,332 Property, plant, equipment, and mineral properties, net 295,412 298,756 Water rights 2,311 2,311 Long-term parts inventory, net 30,222 31,506 Long-term investments 168 179 Other assets, net 8,712 7,095 Total Assets $ 649,920 $ 632,179 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 10,539 $ 9,656 Accrued liabilities 13,059 10,456 Accrued employee compensation and benefits 9,607 12,481 Other current liabilities 16,249 19,811 Liabilities held for sale — 3,370 Total current liabilities 49,454 55,774 Asset retirement obligation, net of current portion 39,930 38,452 Operating lease liabilities 1,067 1,550 Finance lease liabilities 2,176 1,741 Deferred other income, long-term 42,105 43,233 Total Liabilities 134,732 140,750 Commitments and Contingencies Common stock, $0.001 par value; 40,000,000 shares authorized; 13,207,226 and 13,131,663 shares outstanding at June 30, 2026, and December 31, 2025, respectively 14 14 Additional paid-in capital 675,061 674,297 Accumulated deficit (137,875) (160,870) Less treasury stock, at cost (22,012) (22,012) Total Stockholders' Equity 515,188 491,429 Total Liabilities and Stockholders' Equity $ 649,920 $ 632,179 10
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash Flows from Operating Activities: Net income $ 15,577 $ 3,263 $ 22,995 $ 7,869 Income from discontinued operations, net of tax (13,182) (1,887) (13,719) (3,065) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 9,300 8,946 19,251 18,802 Accretion of asset retirement obligation 777 650 1,553 1,299 Amortization of deferred financing costs 53 76 164 151 Stock-based compensation 1,505 1,295 2,021 2,394 Lower of cost or net realizable value inventory adjustments 270 419 1,092 1,754 Impairment of long-lived assets — 1,204 — 1,866 Gain on disposal of assets (6) (1,262) (34) (1,422) Allowance for parts inventory obsolescence 585 2,041 598 2,041 Loss on equity investment — 414 — 888 Equity in loss of unconsolidated entities 11 232 11 232 Changes in operating assets and liabilities: Trade accounts receivable, net 27,454 26,702 13,179 (53) Other receivables, net 72 (539) 72 (1,079) Inventory, net (8,957) (5,115) 6,903 11,418 Prepaid expenses and other current assets (144) 489 59 809 Accounts payable, accrued liabilities, and accrued employee compensation and benefits (3,386) (2,088) (2,042) (1,564) Operating lease liabilities (253) (112) (499) (490) Deferred other income (564) (564) (1,128) (1,128) Other liabilities 4,893 1,957 4,863 2,167 Net cash provided by operating activities of continuing operations 34,005 36,121 55,339 42,889 Net cash provided by operating activities of discontinued operations 360 3,822 2,193 7,971 Net cash provided by operating activities 34,365 39,943 57,532 50,860 Cash Flows from Investing Activities: Additions to property, plant, equipment, mineral properties and other assets (8,460) (3,423) (13,593) (11,087) Proceeds from sale of assets — 1,357 9 1,357 Proceeds from redemptions/maturities of investments — 500 — 1,000 Other investing, net — 2,129 — 2,129 Net cash (used in) provided by investing activities of continuing operations (8,460) 563 (13,584) (6,601) Net cash provided by (used in) investing activities of discontinued operations 60,350 (693) 60,323 803 Net cash provided by (used in) investing activities 51,890 (130) 46,739 (5,798) Cash Flows from Financing Activities: Payments of financing lease (275) (257) (869) (500) Capitalized debt fees (152) — (683) Employee tax withholding paid for restricted stock upon vesting (91) (174) (1,271) (856) Proceeds from exercise of stock options — — 14 Net cash used in financing activities (518) (431) (2,809) (1,318) Net Change in Cash, Cash Equivalents and Restricted Cash 85,737 39,382 101,462 43,744 Cash, Cash Equivalents and Restricted Cash, beginning of period 99,860 46,260 84,135 41,898 Cash, Cash Equivalents and Restricted Cash, end of period $ 185,597 $ 85,642 $ 185,597 $ 85,642 11
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INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net income, adjusted net income per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other co mpanies. Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. 12
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INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Adjusted Net Income and Adjusted Net Income Per Diluted Share Adjusted net income and adjusted net income per diluted share are calculated as net income or net income per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations. Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804 Adjustments Impairment of long-lived assets — 1,204 — 1,866 Gain on sale of assets (6) (1,262) (34) (1,422) Employee separation costs — 638 1,367 638 Unpermitted discharge penalty — 2,155 — 2,155 Water rights contingency 5,000 — 5,000 — Calculated income tax effect — — — — Total adjustments 4,994 2,735 6,333 3,237 Adjusted Net Income from Continuing Operations $ 7,389 $ 4,111 $ 15,609 $ 8,041 Reconciliation of Net Income to Adjusted Net Income per Diluted Share: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income from Continuing Operations Per Diluted Share $ 0.18 $ 0.10 $ 0.70 $ 0.37 Adjustments Impairment of long-lived assets — 0.09 — 0.14 Gain on sale of assets — (0.10) — (0.11) Employee separation costs — 0.05 0.10 0.05 Unpermitted discharge penalty — 0.16 — 0.16 Water rights contingency 0.38 — 0.38 — Calculated income tax effect — — — — Total adjustments 0.38 0.20 0.48 0.24 Adjusted Net Income from Continuing Operations Per Diluted Share $ 0.56 $ 0.30 $ 1.18 $ 0.61 Assumes an annual effective tax rate of 0 % for 2026 and 2025 . (1) (1) (1) 13
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INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income from continuing operations adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance. Reconciliation of Net Income to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804 Impairment of long-lived assets — 1,204 — 1,866 Gain on sale of assets (6) (1,262) (34) (1,422) Employee separation costs — 638 1,367 638 Unpermitted discharge penalty — 2,155 — 2,155 Water rights contingency 5,000 — 5,000 — Interest expense — 66 — 171 Income tax expense 57 35 116 113 Depreciation, depletion, and amortization 9,300 8,946 19,251 18,802 Accretion of asset retirement obligation 777 650 1,553 1,299 Total adjustments 15,128 12,432 27,253 23,622 Adjusted EBITDA $ 17,523 $ 13,808 $ 36,529 $ 28,426 14
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INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Average Potash and Trio Net Realized Sales Price per Ton Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio is calculated as Trio segment sales less Trio segment byproduct sales and Trio freight costs and then dividing that difference by Trio tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio sales and price trends. Reconciliation of Sales to Average Net Realized Sales Price per Ton: Three Months Ended June 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio Potash Trio Total Segment Sales $ 30,602 $ 35,723 $ 33,994 $ 33,212 Less: Segment byproduct sales 5,381 27 6,195 20 Freight costs 2,132 8,459 2,859 7,409 Subtotal $ 23,089 $ 27,237 $ 24,940 $ 25,783 Divided by: Tons sold 59 70 69 70 Average net realized sales price per ton $ 391 $ 389 $ 361 $ 368 Six Months Ended June 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio Potash Trio Total Segment Sales $ 76,721 $ 88,261 $ 77,571 $ 83,054 Less: Segment byproduct sales 9,570 291 12,449 184 Freight costs 6,962 19,703 7,996 19,173 Subtotal $ 60,189 $ 68,267 $ 57,126 $ 63,697 Divided by: Tons sold 165 176 172 181 Average net realized sales price per ton $ 365 $ 388 $ 332 $ 352 ® ® ® ® ® ® ® ® ® ® ® ® 15
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INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Three Months Ended June 30, 2026 Product Potash Segment Trio Segment Corporate and Other Total Potash $ 25,221 $ — $ — $ 25,221 Trio — 35,696 — 35,696 Water — — 332 332 Salt 2,160 27 — 2,187 Magnesium Chloride 1,028 — — 1,028 Brine Water 2,193 — — 2,193 Other — — 28 28 Total Revenue $ 30,602 $ 35,723 $ 360 $ 66,685 Six Months Ended June 30, 2026 Product Potash Segment Trio Segment Corporate and Other Total Potash $ 67,151 $ — $ — $ 67,151 Trio — 87,970 — 87,970 Water — — 343 343 Salt 4,459 291 — 4,750 Magnesium Chloride 1,547 — — 1,547 Brine Water 3,564 — — 3,564 Other — — 45 45 Total Revenue $ 76,721 $ 88,261 $ 388 $ 165,370 ® ® ® ®
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Three Months Ended June 30, 2025 Product Potash Segment Trio Segment Corporate and Other Total Potash $ 27,799 $ — $ (58) $ 27,741 Trio — 33,192 — 33,192 Water — — 266 266 Salt 3,169 20 — 3,189 Magnesium Chloride 1,623 — — 1,623 Brine Water 1,403 — — 1,403 Other — — 122 122 Total Revenue $ 33,994 $ 33,212 $ 330 $ 67,536 Six Months Ended June 30, 2025 Product Potash Segment Trio Segment Corporate and Other Total Potash $ 65,122 $ — $ (117) $ 65,005 Trio — 82,870 — 82,870 Water — — 1,355 1,355 Salt 6,304 184 — 6,488 Magnesium Chloride 2,771 — — 2,771 Brine Water 3,374 — — 3,374 Other — — 200 200 Total Revenue $ 77,571 $ 83,054 $ 1,438 $ 162,063 ® ® ® ® 16
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INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) Three Months Ended June 30, 2026 Potash Trio Corporate and Other Consolidated Sales $ 30,602 $ 35,723 $ 360 $ 66,685 Less: Freight costs 2,591 8,459 — 11,050 Warehousing and handling costs 1,632 1,414 — 3,046 Cost of goods sold 21,191 14,407 72 35,670 Lower of cost or net realizable value inventory adjustments 270 — — 270 Gross Margin $ 4,918 $ 11,443 $ 288 $ 16,649 Depreciation, depletion, and amortization incurred $ 7,727 $ 992 $ 581 $ 9,300 Six Months Ended June 30, 2026 Potash Trio Corporate and Other Consolidated Sales $ 76,721 $ 88,261 $ 388 $ 165,370 Less: Freight costs 8,077 19,703 — 27,780 Warehousing and handling costs 3,339 3,551 — 6,890 Cost of goods sold 56,228 38,726 333 95,287 Lower of cost or net realizable value inventory adjustments 1,092 — — 1,092 Gross Margin $ 7,985 $ 26,281 $ 55 $ 34,321 Depreciation, depletion, and amortization incurred $ 16,163 $ 1,951 $ 1,137 $ 19,251 Three Months Ended June 30, 2025 Potash Trio Corporate and Other Consolidated Sales $ 33,994 $ 33,212 $ 330 $ 67,536 Less: Freight costs 3,660 7,409 (58) 11,011 Warehousing and handling costs 1,818 1,296 — 3,114 Cost of goods sold 23,239 16,421 971 40,631 Lower of cost or net realizable value inventory adjustments 419 — — 419 Gross Margin (Deficit) $ 4,858 $ 8,086 $ (583) $ 12,361 Depreciation, depletion, and amortization incurred $ 7,302 $ 871 $ 773 $ 8,946 Six Months Ended June 30, 2025 Potash Trio Corporate and Other Consolidated Sales $ 77,571 $ 83,054 $ 1,438 $ 162,063 Less: Freight costs 9,446 19,173 (117) 28,502 Warehousing and handling costs 3,529 3,075 — 6,604 Cost of goods sold 55,481 42,286 1,754 99,521 Lower of cost or net realizable value inventory adjustments 1,754 — — 1,754 Gross Margin (Deficit) $ 7,361 $ 18,520 $ (199) $ 25,682 Depreciation, depletion and amortization incurred $ 15,553 $ 1,715 $ 1,534 $ 18,802 (1) Depreciation, depletion, and amortization incurred for potash and Trio excludes depreciation, depletion, and amortization am ounts absorbed in or relieved from inventory. ® 1 ® 1 ® 1 ® 1 ®
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